Chevron has reported net income of $3.7 billion, or $1.75 per share, for the third quarter of 2007, compared with $5 billion, or $2.29 per share, in the year-ago period.
For the first nine months of 2007, net income was $13.8 billion, or $6.45 per share, compared with $13.4 billion, or $6.06 per share, in the corresponding 2006 period. Downstream earnings of $377 million decline nearly $1.1 billion, due to lower margins for US refined products.
Dave O’Reilly, chairman and CEO, said: Earnings declined due mainly to weak refining and marketing conditions in the United States. Margins were squeezed as escalating costs for crude-oil feedstocks could not be fully recovered in a US marketplace that was well-supplied with gasoline and other refined products.
Sales and other operating revenues in the third quarter 2007 were $53 billion, essentially unchanged from a year earlier. For the first nine months of 2007, sales and other operating revenues were $154 billion, down from $159 billion in the year-ago period.
Capital and exploratory expenditures in the first nine months of 2007 were $13.8 billion, compared with $11.5 billion in the corresponding 2006 period.